社会责任、会计信息质量与债务融资成本——基于2016-2020年沪市A股制造业上市公司数据

Social responsibility, accounting information quality and debt financing cost:based on the empirical research of Shanghai A-share manufacturing limited companies from 2016 to 2020

针对社会责任、会计信息质量与债务融资成本的关系问题,以中国2016-2020年沪市A股制造业上市公司作为研究样本,采用实证研究的方法,探讨社会责任、会计信息质量对债务融资成本的影响,同时借助会计信息质量的调节作用分析社会责任与债务融资成本的关系。研究表明:社会责任与债务融资成本显著负相关;会计信息质量与债务融资成本显著负相关;在会计信息质量的调节作用下,社会责任与债务融资成本显著负相关。研究结论为企业有效履行社会责任提供了依据。

In view of the relationship between social responsibility,accounting information quality and debt financing cost,this paper takes the listed A-share manufacturing companies in Shanghai Stock Exchange in China from 2016 to 2020 as the research sample,adopts the method of empirical research,discusses the impact of social responsibility,accounting information quality on debt financing cost,and analyzes the relationship between social responsibility and debt financing cost with the help of the regulatory role of accounting information quality.The research shows that:social responsibility and debt financing cost are significantly negatively correlated;The quality of accounting information is negatively correlated with the cost of debt financing;Under the regulatory effect of accounting information quality,social responsibility and debt financing cost are significantly negatively correlated.The research conclusion provides a basis for enterprises to effectively fulfill their social responsibilities.